Duplex with Separate Utility
New
For Sale
$575,000
3700 59th St N, St Petersburg, FL 33710
Two independent residences offer private outdoor space, indoor laundry, and flexible owner-occupant or rental use.
Property Size2,257 SF
Price / SF$254.76
Days on Market7
Property Features for 3700 59th St N
General Information
Standard status
Active
Size
2,257 SF
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Amenities
indoor laundry rooms
covered front porches
open rear patios
fully fenced private backyards
Building Details
Year Built
1967
Buildings
1
Listing Agency:
RE/MAX Palm Realty Of Venice
(941) 451-2025
Listed By:
Client Concierge
(941) 822-0708
Source:
Dwellingwell
Added: Sep 12
Changed: Sep 17
Last Checked: Sep 18 at 6:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Palm Realty Of Venice
Investment Insights
Based on property information with market context.
This 1967 duplex includes two independently functioning residences, each with its own electric and water meters. The two-bedroom unit has been renovated with an updated kitchen and bathroom, stainless steel appliances, new flooring, and refreshed interior finishes. The three-bedroom residence is tenant occupied under a lease extending through March 2027. Both units include indoor laundry rooms with storage, covered front porches, open rear patios, and fully fenced private backyards.
The property occupies a corner lot at 3700 59th St N in St. Petersburg’s Sheryl Manor neighborhood. Recent improvements include a 2019 roof, a 2022 AC system serving the occupied unit, replacement HVAC ductwork, and attic insulation installed in 2020. Tyrone Square, shopping, restaurants, hospitals, parks, and other daily amenities are nearby, while the Gulf beaches are minutes away. Downtown St. Petersburg and The Pier are approximately 12 minutes from the property.
The property occupies a corner lot at 3700 59th St N in St. Petersburg’s Sheryl Manor neighborhood. Recent improvements include a 2019 roof, a 2022 AC system serving the occupied unit, replacement HVAC ductwork, and attic insulation installed in 2020. Tyrone Square, shopping, restaurants, hospitals, parks, and other daily amenities are nearby, while the Gulf beaches are minutes away. Downtown St. Petersburg and The Pier are approximately 12 minutes from the property.
Key Highlights
- Two‑unit duplex with separate electric and water meters
- Renovated 2‑bedroom, 1‑bath residence with stainless steel appliances
- Tenant‑occupied 3‑bedroom, 1‑bath unit leased through March 2027
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,345
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.58%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$526,900
$526.9K
Cap Rate 7%
$376,357
$376.4K
Cap Rate 9%
$292,722
$292.7K
Market Conditions
NOI Build-Up for 2,257 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$40.4K $17.88/SF
− Vacancy
−$2.7K −$1.21/SF
EGI
$37.6K $16.67/SF
− OpEx
−$11.3K −$5.00/SF
NOI
$26.3K $11.67/SF
Area
Pinellas County, FL
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$526,900
Cap Rate 7%
$376,357
Cap Rate 9%
$292,722
Alternative Uses
Best Use
Multifamily LT 5
$376.4K
$329.3K – $439.1K
NOI $26,345 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$296.5K
$259.5K – $346.0K
NOI $20,758 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$587.1K
$513.7K – $684.9K
NOI $41,094 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
Explore this area
Business Placement
Demographics for 33710, FL
33,172
Population
16,767
Households
2
Avg Household Size
47
Median Age
37%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
4,147
Density / Sq Mi
$76,908
Median Household Income
$46,520
Median Earnings
$1,577
Median Rent
$312,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two independent residences offer private outdoor space, indoor laundry, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 3700 59th St N St Petersburg, FL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑unit duplex with separate electric and water meters; Renovated 2‑bedroom, 1‑bath residence with stainless steel appliances; Tenant‑occupied 3‑bedroom, 1‑bath unit leased through March 2027
